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What if a college sends me a refund?

College students and parents who receive refunds for tuition, room and board, or other qualified expenses can re-contribute their refund back into their DreamAhead Account within 60 days of the date of the refund to avoid paying any penalty or taxes on the earnings. Due to COVID-19 the recontribution period for Spring 2020 is the later of 60 days from receipt of the refund or July 15. Be sure to check IRS Publication 970 to see how a refund may be treated under the law.